Social media: 10 things every adviser should know

That seems to be changing of late, which may be one reason Finra recently released guidelines on social media for the financial services industry.

Here, then, are ten things advisers should consider when posting information on social networking sites. Want even more info on this subject? View IN’s recent webcast on social media.

10. Yes, your profile is considered a web page
This may seem innocuous, but it isn’t. If you’re going to post your profile on LinkedIn — or other social media sites — you need to get approval from your firm. In the long run, this could save you a lot of trouble with your compliance officer and regulators.

9. Regs exist — learn ‘em
Before going hog wild over social media, check out the regulations you are supposed to be following. Finra this week released new guidelines on the use of social media by the financial services industry. SEC-registered RIAs or state-registered advisers have their own to follow.

8.. Loose talk could cost you
Be careful what you say on LinkedIn, Twitter or elsewhere. Even seemingly harmless remarks about the market or stocks or annuities could be construed as investment advice — and that could land RIAs and other advisers in hot water. Best policy: nix anything that could be taken as financial advice.

7.. This is marketing, pure and simple
If you see LinkedIn or others as a place to post your resume, you’re missing the point. Social networking sites are remarkable — maybe even unrivaled — tools for marketing yourself. Treat them as such.

6. Key words count
Well-chosen key words or phrases will help boost your profile in searches. Settle on several key words that best describe what it is you do — then lard them on. Core phrases should be included in all parts of your profile page, including name/title, headline, current work, past work, summary and specialties.

5. Personality pays
Don’t make your LinkedIn profile all form and no substance. Experts say sharing some personal details (your interests and hobbies, for example) can generate a greater response. Be who you are — just don’t go overboard (see #6)

4. The lines are blurring
Time was when the Facebook, Twitter and LinkedIn worlds were seen as different universes. Not anymore. Make sure you have a unified marketing plan — and message — for all social networking platforms.

3. Reputations can be tarnished
Thinking about posting that photo of you wearing a lampshade and drinking from a promotional sized bottle of Veuve Clicquot? Restrain yourself. Such outrageous photos, posted on FaceBook or other socializing sites, may seem funny, but they could cost you business. Remember, potential clients often check out social media sites to get the scoop on an adviser.

2. It requires work
You’ll only get something out of these services if you invest some time in them. For example, as a start, begin exploring the “Answers” and “Groups” sections of LinkedIn and putting in search terms related to your business. Doing so can bring up lots of interesting content. Similarly, searching Twitter with these terms will likely bring up plenty of folks doing similar things.

1. Start small
It is easy to get overwhelmed with social networking. Advisers who want to begin using social media networks — and aren’t precluded from doing so — should start by connecting with friends and colleagues. This will give you a chance to gain a better understanding of how the sites work before you begin connecting with people you don’t know. Remember the people you connect with or follow is a reflection of who you are — almost as much as your profile.